CBN CIRCULAR TO ALL BANKS AND OTHER FINANCIAL INSTITUTIONS ON OPERATIONAL GUIDELINES ON GLOBAL STANDING INSTRUCTION (GSI) - INDIVIDUALS

  • Aug 12, 2020
  • RIMAN News

In the bid to promote a sound financial system in Nigeria; the CBN issues this guideline on Global Standing Instruction (GSI) to enhance loan recovery across the banking sector. The GSI shall serve as a last resort by a Creditor bank, without recourse to the Borrower, to recover past due obligations (Principal and Accrued Interest only, excluding any Penal Charges) from a defaulting Borrower through a direct set-off from deposits/investments held in the Borrower’s qualifying bank accounts with participating financial institutions.

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